Cherry Semiconductor being sold
EAST GREENWICH – Cherry Corporation announced that it is selling its subsidiary Cherry Semiconductor which employs 970 people, many of them at its manufacturing plant here to the SCG Holding Corp. of Phoenix, Arizona, for $250 million in cash. SCG is a former division of Motorola and does business as ON Semiconductor. ON reported $1.6 billion in sales last year while employing more than 10,000 persons in various plants around the world, and the United States. Cherry Semiconductor manufactures integrated circuits for the automotive industry as well as for communications and computer businesses. Cherry Corp., based in Waukegan, Ill., makes electrical switches, sensors, and electronic keyboards and controls, as well as semiconductors. Although Cherry’s stockholders have approved the sale, the closing is not expected to be complete until the end of the second quarter. Because of that, and because the company has announced plans for a still-to-be scheduled stock offering, an ON spokesman had virtually nothing to say about whatever plans it had for Cherry Semiconductor.
NUWC to join survey of personnel retention
WASHINGTON, D.C. – The Naval Undersea Warfare Center in Newport has been selected by the Department of Defense to take part in a pilot program which will study the ability of defense laboratories to keep qualified employees. NUWC will be able to develop partnerships with colleges and universities and other private sector organizations to improve the lab’s ability to use those resources. Over the last decade NUWC has struggled to retain key people, losing 47 percent of its workforce between 1992 and 1997. The pilot program was authorized under the Defense Authorization bill of Fiscal Year 2000. The program has a dual purpose: helping defense labs retain top personnel and improving their ability to use private sector resources to produce a better product at a lower cost.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
Learn More
S.E. New England radio group buys 2 stations
PROVIDENCE – AAA Entertainment LLC, based here, announced that it has bought two Long Island, N.Y. stations to add to its group. The stations are WBEA-FM of Montauk, N.Y. and WEHM-FM of East Hampton, previously owned by Hamptons Radio Corp. Terms of the acquisition were not disclosed. The announcement from AAA Entertainment said that the two purchased stations would retain their current formats. The company also announced that it planned to purchase two more stations, this time in Illinois as part of its overall program to extend its reach across the country. AAA Entertainment already owns “The Buzz” at 550 AM as well as WWKX-FM and WAKX-FM, all in Providence, and WKCD-FM in New London, Conn.
CVS’ Ryan’s pay declines by half to $6.8 million
Woonsocket, (Bloomberg) — CVS Corp. Chairman and Chief Executive Thomas Ryan’s compensation declined by about half last year as the shares of the second-largest U.S. drugstore chain tumbled by almost a third.
Ryan, 47, received $6.8 million in 1999 compared with $13.8 million the year before. His compensation included $956,000 in salary, a bonus of $1.85 million and options valued at $2.49 million. He also got $1.5 million in other compensation, most of which was tied to a short-term performance share plan, according to a proxy filing with the U.S. Securities and Exchange Commission. CVS shares dropped 28 percent last year amid concern about competition from online retailers. In October, the company also missed some analysts’ third-quarter profit forecasts after it increased spending to expand its Internet and specialty-pharmacy businesses.
RI Heritage Hall of Fame to add nine
PROVIDENCE – The board of directors of the Rhode Island Heritage Hall of Fame has selected nine prominent Rhode Islanders – six living and three deceased – for inclusion in the Rhode Island Heritage Hall of Fame, which is now housed at the Rhode Island Historical Society, but will become part of the Rode Island museum at Heritage Habor, upon its opening. The inductees are the late Harry M. Callahan, who taught at the Rhode Island School of Design and is among America’s greatest photographers and essayists of the 20th century; Louis A. Cimini, longtime LaSalle Academy hockey coach; Felix de Weldon, famed sculptor and painter; the late Doris M. Holloway Abels, who founded her own school of dance and was among Trinity Repertory Company’s founders; Dr. Walter J. Jusczyk, DMD, a prominent athlete as a baseball player and longer Heritage Hall of Fame director; Dr. Mark P. Malkovich, III, general director of the Newport Music Festival; Lawrence N. Spitz, pioneer labor leader; former Gov. Bruce G. Sundlun; and Dr. Gordon S. Wood, a Pulitzer Prize winning historian from Brown University.
Textron hires general counsel
PROVIDENCE – Terrence O’Donnell, a senior partner in the Washington law firm of Williams & Connelly, has been hired by Textron, Inc. as executive vice president and general counsel. He succeeds Wayne Juchatz, who is retiring from the company. O’Donnell is a graduate of the Air Force Academy and received his law degree from Georgetown University. Prior to joining Williams & Connelly, he was general counsel for the Department of Defense.
Thielsch Engineering adds Maine office, new services
CRANSTON – Thielsch engineering has announced an expansion of services to include concrete rehabilitation, structural support engineering and supervision, and liner/coating specification and installation, to be administered from a new office the company has opened in North Yarmouth, Maine.
(Compiled from news reports and releases, print and electronic.)
